5001 W Florida Ave #512 · Hemet, CA 92545

$39,900

2 bd · 2.0 ba · 1,392 sqft · Manufactured · 64 Days on market

Built 1973 $29/sqft · 42% below area Est $68k · 42% under

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.4/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOCATION! LOCATION! LOCATION! Welcome to a rare opportunity in the desirable 55+ resort community of The Lakes at Hemet West, a luxury golf course neighborhood known for its scenic beauty and vibrant lifestyle. This 2-bedroom, 2-bath mobile home, sits right on the golf course, and offers just under 1,400 square feet of living space. It is full of potential, making it an exceptional value for buyers looking to customize or invest. The spacious floor plan includes a large living room, formal dining area, and a generously sized kitchen with ample storage, along with the convenience of indoor laundry and a walk-in pantry. Expansive picture windows showcase stunning golf course views, creating a peaceful backdrop you can enjoy year-round, or step outside to the front porch for your morning coffee and take in the serene surroundings. While the home does require some repairs, it is priced accordingly to reflect the opportunity it presents. The A/C unit is approximately one year old but is currently not operational; the seller is actively attempting to locate any applicable manufacturer warranty. This property may also present an investment opportunity, as the park has indicated rentals may be allowed; buyers are encouraged to verify rental parameters directly with park management. Residents of The Lakes at Hemet West enjoy an active and social lifestyle with access to five private lakes, fishing, beautifully maintained golf courses, and a full calendar of community events, including popular Wednesday night gatherings with live music and dancing. Whether you’re seeking a seasonal retreat, full-time residence, or potential income property, this home offers location, space, and value in one of Hemet’s most sought-after resort communities.

Key facts

• Front porch
• Indoor laundry
• Five private lakes

Tags

• INDOOR LAUNDRY
• WALK-IN PANTRY
• FRONT PORCH
• FIVE PRIVATE LAKES
• COMMUNITY EVENTS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.
• Cap rate 47.2% vs local median 4.9% in Hemet — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 51/100 on livability (#1,056 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: crime D+, schools F, amenities F.
• Hemet Unified (suburban): math 19% / reading 41% proficiency, ranked #360 of 517 in CA (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.7%/yr); 290 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 39% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Riverside County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 3→9/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $37,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 5.19% ✓
• Cap rate: 47.22%
• Cash-on-cash: 146.17%
• DSCR: 7.50
• GRM: 1.6

CMA / ARV

• ARV (median comp): $68,500
• List price: $39,900
• Delta: -41.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5001 W Florida #171	0.06mi	2/2.0	1,440 (+3%)	1mo	$67,000	$47	91
5001 FLORIDA #311	0.06mi	2/2.0	1,440 (+3%)	1mo	$73,990	$51	90
5001 W Florida Ave #305	0.06mi	2/2.0	1,440 (+3%)	2mo	$91,000	$63	89
5001 W Florida #661	0.06mi	2/2.0	1,440 (+3%)	3mo	$97,000	$67	89
5001 W Florida #618	0.06mi	2/2.0	1,344 (-3%)	4mo	$70,000	$52	88
5001 W Florida Ave W #728	0.06mi	2/2.0	1,344 (-3%)	4mo	$56,000	$42	88
5001 W Florida Ave #482	0.06mi	2/2.0	1,440 (+3%)	4mo	$55,000	$38	88
5001 W Florida #524	0.06mi	2/2.0	1,488 (+7%)	3mo	$62,000	$42	83
5001 W Florida Ave #122	0.15mi	2/2.0	1,296 (-7%)	0mo	$52,500	$41	81
5001 W Florida Ave #135	0.15mi	2/2.0	1,504 (+8%)	5mo	$55,000	$37	75
5001 W Florida Ave #139	0.06mi	2/2.0	1,560 (+12%)	5mo	$105,000	$67	72
5001 W Florida #695	0.14mi	2/2.0	1,248 (-10%)	5mo	$45,000	$36	72

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.74% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.32×
• Total profit: $81,791
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 17.96×
• Total profit: $189,425
• Equity at exit: $3,450

Cash invested: $11,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92545

• Home prices YoY: -24.6%
• Rents YoY: 3.7%
• Active inventory: 290
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $2,072 high
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $1,361

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 29%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4400 W Florida Ave Spc 26 Hemet, CA	3.0	2.0	1193	$1,699	$1.42	15d	1	0.60mi
4400 W Florida Ave Unit 86 Hemet, CA	3.0	2.0	1310	$1,800	$1.37	43d	1	0.63mi
3800 W Devonshire Ave Hemet, CA	3.0	1.0–2.0	816	$2,055	$2.52	1d	8	1.16mi
3030 W Acacia Ave Hemet, CA	1.0–3.0	1.0–2.0	892	$1,895	$2.12	1d	10	1.32mi
2971 Pembroke Ave Hemet, CA	3.0	2.0	1572	$3,000	$1.91	18d	1	1.33mi
3471 Dublin Ct Hemet, CA	3.0	2.0	1276	$2,895	$2.27	4d	1	1.48mi

Listing history 14 events

1. 2026-06-18
   days on market $39,900 Active 64 DOM
2. 2026-06-17
   days on market $39,900 Active 63 DOM
3. 2026-06-16
   days on market $39,900 Active 62 DOM
4. 2026-06-15
   days on market $39,900 Active 61 DOM
5. 2026-06-13
   days on market $39,900 Active 59 DOM
6. 2026-06-09
   days on market $39,900 Active 55 DOM
7. 2026-06-08
   days on market $39,900 Active 54 DOM
8. 2026-06-07
   days on market $39,900 Active 53 DOM
9. 2026-06-04
   days on market $39,900 Active 50 DOM
10. 2026-06-03
    days on market $39,900 Active 49 DOM
11. 2026-06-02
    days on market $39,900 Active 48 DOM
12. 2026-06-01
    days on market $39,900 Active 47 DOM
13. 2026-05-31
    days on market $39,900 Active 46 DOM
14. 2026-04-15
    listed $39,900 Active 1770-char remark

    Show marketing remark (1770 chars)

    LOCATION! LOCATION! LOCATION! Welcome to a rare opportunity in the desirable 55+ resort community of The Lakes at Hemet West, a luxury golf course neighborhood known for its scenic beauty and vibrant lifestyle. This 2-bedroom, 2-bath mobile home, sits right on the golf course, and offers just under 1,400 square feet of living space. It is full of potential, making it an exceptional value for buyers looking to customize or invest. The spacious floor plan includes a large living room, formal dining area, and a generously sized kitchen with ample storage, along with the convenience of indoor laundry and a walk-in pantry. Expansive picture windows showcase stunning golf course views, creating a peaceful backdrop you can enjoy year-round, or step outside to the front porch for your morning coffee and take in the serene surroundings. While the home does require some repairs, it is priced accordingly to reflect the opportunity it presents. The A/C unit is approximately one year old but is currently not operational; the seller is actively attempting to locate any applicable manufacturer warranty. This property may also present an investment opportunity, as the park has indicated rentals may be allowed; buyers are encouraged to verify rental parameters directly with park management. Residents of The Lakes at Hemet West enjoy an active and social lifestyle with access to five private lakes, fishing, beautifully maintained golf courses, and a full calendar of community events, including popular Wednesday night gatherings with live music and dancing. Whether you’re seeking a seasonal retreat, full-time residence, or potential income property, this home offers location, space, and value in one of Hemet’s most sought-after resort communities.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 7/10 Severe 3 d/yr ≥105°F today · 9 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,859
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,989
• − Management: −$1,989
• − Depreciation: −$1,161
• Taxable income: $16,688
• Est. tax owed @ 24.0%: −$4,005
• After-tax cash flow: $12,325/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hemet Unified
• NCES district ID: 0616920
• Math proficiency: 19% ▼ -3.00%
• Reading proficiency: 41% ▲ 4.00%
• Median HH income: $39,962
• Composite: 25.16/100
• National rank: #7517
• State rank: #360 of 517 in CA

Livability — Hemet

• Score: 51/100
• State rank: #1056
• US rank: #25208

Category grades

Amenities F Commute F Cost of living F Crime D+ Employment F Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hemet, CA
• County: Riverside County · 2,287,001 people
• City population: 137,670
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 45,982
• Household income: $63,770
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 1813.0

Population outlook (Riverside County) Hauer SSP2

• Today (2025): 2,664,475 people
• By 2030: 2,802,692 · +5.2%
• By 2040: 3,050,904 · +14.5%
• By 2050: 3,256,783 · +22.2%
• By 2075: 3,655,058 · +37.2%
• By 2100: 3,766,594 · +41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Hispanic / Latino 46% White 35% Two or more races 17% Black 8% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 40%
• Common ancestry: Slovak 2% Lithuanian 2% Portuguese 1%
• Foreign-born: 19% · Canada, Vietnam, Jamaica
• Languages at home: 69% English-only · Spanish 27% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Riverside

• 2024 margin: Toss-up / Even · D 48.0% · R 49.3% · Other 2.6%
• 2008→2024 swing: -3.6pp toward R · 2008: 2.3pp · 2024: -1.3pp
• All cycles: 2024: R+1.3 2020: D+8.0 2016: D+4.3 2012: R+0.4 2008: D+2.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.25%
• Current HPI: 356.9414
• Rent YoY: ▲ 3.74%
• Metro: Riverside-San Bernardino-Ontario, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

1 event — show timeline

• 2026-04-15 Listed $39,900 CRMLS